Tow Tractors Market: Introduction:
The tow tractors are the vehicles used for transporting the loads or goods at any work station or warehouse. It is used in distribution, warehousing and general material handling industries and used for towing and transportation of goods or products. The tow tractors can provide high efficiency and safety in order picking and horizontal transport operations for different type of loads including, un-palletized, palletized, or roller caged loads. The tow tractors are mostly used in small loading areas, steep ramps, narrow aisles, and for uneven surfaces to make the transportation of goods more easy and economical.
Furthermore, tow tractors can exponentially increase the productivity of a workspace and reduce the lead time and operational costs. It can also handle various loads ranging from light duty to heavy duty with more efficient and secure manner compared to forklifts. The tow tractors can be of various types including, pedestrian towing tractors, stand-in towing tractors and rider-seated towing tractors. The installation of tow tractors in a warehouse or distribution centers can provide increased efficiency & productivity, enhanced product safety, reduced labor requirement and reduced goods transportation time in the workstations.
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Tow Tractors Market: Dynamics:
The logistics and transportation industry is growing at a significant rate owing to, increasing number of warehouses, distribution centers etc. across the globe. Additionally, the growing trade of industrial and commercial products are projected increase the demand for transportation and storage facilities. These factors are expected to be one the prominent factors driving the demand for tow tractors at a significant rate over the forecast period. Furthermore, the tow tractors offers easy storage and optimized transportation operations in a warehouse or distribution center. To operate tow tractors a semi-skilled labor is required which can reduce the requirement of professional personnel.
Moreover, the increasing automation of storage facilities and warehouses is increasing at a significant rate in emerging countries. Also, the increasing labor costs in developing countries expected to create demand for tow tractors in the market. However, the high maintenance cost and initial investment of tow tractors anticipated to hamper the growth of tow tractors market over the forecast period.
Tow Tractors Market: Segmentation:
Tow tractors market can be segmented into product type, load capacity, power source, application and region.
On the basis of product type, global tow tractors market is segmented into:
- Pedestrian Towing Tractors
- Stand-In Towing Tractors
- Rider-Seated Towing Tractors
On the basis of load capacity, global tow tractors market is segmented into:
- Light-duty Tow Tractors
- Medium-duty Tow Tractors
- Heavy-duty Tow Tractors
On the basis of power source, global tow tractors market is segmented into:
On the basis of application, global tow tractors market is segmented into:
- Railway Stations
- Others (Distribution Centers, Military Cargo Stations etc.)
Tow Tractors Market: Regional Outlook:
Growing awareness regarding workers safety, lowering the lead time, efficient operations, among other factors to significantly boost the growth of the North America tow tractors market over the forecast period. Europe is expected to account for a prominent share in the global tow tractors market owing to high labor costs and stringent government regulations for material handling by European Union.
Furthermore, the growing industrial and commercial sectors in Asia Pacific region projected to create demand for new warehouses, distribution centers, etc. This is expected to drive the tow tractors market in the region over the forecast period. The increasing number of warehouses and various end use industries in Middle East & Africa and Latin America driving the tow tractors market in the regions.
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Tow Tractors Market: Market Participants:
Some of the market participants in the global tow tractors market are:
- Jungheinrich AG
- Toyota Material Handling
- Bradshaw Electric Vehicles
- Polaris Industries, Inc.
- Hyster-Yale Group, Inc.
- Linde Material Handling
- Motrec International Inc.
- The Raymond Corporation
- Godrej Material Handling
- Eagle Tugs
- Simai SPA
- SPAN Trading LLC.